TUI AG rejects management speculation

The chairman of the TUI AG supervisory board, Klaus Mangold, has issued a statement rejecting speculation about management posts at the organisation published in Manager Magazine.

He reaffirmed current chief executive, Michael Frenzel, had been appointed up until the end of March 2014.

Manager Magazin had reported Edwin Eichler, an executive at steel group ThyssenKrupp, will join TUI in the autumn.

According to the publication, he is being lined up to take over from Frenzel.

“Considering the complexity of the tourism business and the immense challenges at TUI it is of course only natural to start the search for a successor at an early stage,” explained a statement from Mangold.

“Mr Frenzel is integrated in this process.

“However, up to this juncture nothing has been decided regarding the timing or candidates.”

A meeting of the TUI AG supervisory board has not been arranged for August 9th 2012, Mangold added.

“Moreover the options for the future strategic development of the TUI Group referred to in the article are pure speculation.

“Nothing has been decided on in this respect, neither by the supervisory board nor by shareholder groups.”